MBA: REFI’S ACCOUNT FOR 75% OF COUNTRY’S MORTGAGES
BY JIM FREER
Special Correspondent
Even though mortgage rates likely will remain near historic lows, prospects remain dim that residential lending will stage a big rebound around the country this year, according to recent data from the Mortgage Bankers Association of America.
Just how low are mortgage rates, and what are the forecasts for rates and mortgage volume this year?
Freddie Mac’s survey of lenders for Jan. 28 showed a national average of 4.98 percent for 30-year fixed-rate mortgages. That survey also showed averages of 4.39 percent for 15-year fixed-rate loans and 4.29 percent for U.S. Treasury-Indexed one-year adjustable rate mortgages.